Luno, a global crypto company with a presence in 40 countries, has surpassed the ten million customer threshold.
Luno claims that the company’s latest one million users were acquired in less than six months.
Since its inception in 2013, Luno has permitted the safe transfer of over $52 billion in cryptocurrency, and its customers have stored in excess of $1 billion.
Luno’s growth has been attributed in part to the success of the South African market, which the firm describes as one of its strongest and most active.
“South Africa accounts for more than 40% of new customers added in the last six months. South Africans deposit an average of R480 when they start a Luno account and typically keep it for ten months (the longest time of all Luno markets). 82 percent of new clients who purchased cryptocurrency did so with Bitcoin, while 28% did so with Ethereum “Ethereum,” it states.
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According to Luno, this growth is indicative of the broader crypto industry’s resiliency in the aftermath of a turbulent year.
While the crypto market has experienced volatility over the last two years, it crossed the $2 trillion milestone earlier this month.
Marius Reitz, Luno’s general manager for Africa, adds: “Since 2017, Luno’s growth has accelerated dramatically. South Africa and Nigeria, our top two locations, demonstrate the huge demand for cryptocurrency in emerging economies.”
Indonesia reported an 83 percent increase in customer growth and nearly doubled the region’s client base in the last year, indicating worldwide expansion, he adds.
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“As of March 2022, an estimated 300 million individuals globally are utilizing cryptocurrency — a statistic that is likely to expand as global markets acquire increased access to the crypto ecosystem,” says Marcus Swanepoel, CEO and co-founder of Luno.
“Luno’s goal is to introduce cryptocurrency to over a billion people by 2030, thus surpassing 10 million customers is a significant milestone that contributes to the transition toward a more just financial system.”
Luno is based in London and employs over 800 people in offices throughout the city, as well as in South Africa, Malaysia, Indonesia, Nigeria, and Singapore.
Luno Expeditions, the firm’s worldwide early-stage investment arm, was recently founded to promote fintech and crypto/web3 companies.
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Luno’s platform has also been expanded to include two other cryptocurrencies: Uniswap and Chainlink.
Luno crypto customer Luno crypto customer
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh